Home Buyer's Guide

Home Buyer’s Guide

Important Information Before You Buy

Everyone dreams about owning their own home. We’re here to make your dream a reality by helping you be comfortable with the process!

How Much Home Can I Afford?

The first step to make your dream a reality is to understand how much you can comfortably afford. And keep in mind that these expenses include the down payment, monthly expenses, property tax, homeowners insurance, and any “extras” you wish to add to your home. By fully understanding a broader picture of owning your home, you can make an educated decision about your budget.

Benefits of Mortgage Pre-Approval

While searching for houses can be exciting, you don’t want it to be a waste of time if it isn’t reasonable. So before you begin looking at houses, it’s best to get a mortgage pre-approval. This is when a lender gives their written commitment to a potential borrower. Mortgage pre-approval will help you understand how much banks will be willing to lend and can give you an edge when it comes to negotiation.

Find a Realtor

You’re pre-approved for a mortgage and know your budget. Now it’s time to find your dream home. First, you need to find a realtor, and not just any realtor. A professional agent will walk you through every step of the process, is knowledgeable about the area you want to move to, and can help spot any potential pitfalls before buying a particular property.

Searching for Your Perfect Home

When you meet with your Perrone Group Agent, it’s best to have a list of needs and wants for your home. These would include for instance the number of bedrooms, size, price range, location, and amenities. Your Perrone Group Agent will give you expert advice and help you understand what best fits your taste, budget, and lifestyle.

Making Your Offer

When making an offer on home, several factors can influence the amount you bid. Typically, sellers list the price of their home a little higher than their desired price and a buyer will submit a lower bid, within a reasonable range. The seller will then offer a counter amount somewhere in the middle. Appliances or other negotiable concessions may affect the final price. You’re my House Agent will be looking for signs of problems in the home and will make suggestions to you regarding the offer. Listen to them closely as this is their business and their job is to protect you in the contract.

Finding the Right Loan

Once you’ve found your home and agreed on the price, the next step is finding the right loan and qualifying for a mortgage. There are several products with specific requirements available to best fit your needs. So, it’s best to shop around, get more than one quote, and read the details carefully. A good lender will help you sort through the options and decide which one works for your unique situation. Your Perrone Group Agent can help point you in the right direction in making this decision.

Home Inspection

Getting a home inspection is vital to the home buying process and some Lenders require it. The inspectors ensure the home’s foundation, structure, heating, electric, plumbing, etc are up to code. It’s extremely important to protect yourself by getting a home inspection right away!

Homeowners Insurance

Typically, lenders require that your home is insured. Policies cover the cost of damage caused by unforeseen circumstances and covers personal liability for any accidents on your property. The price of this insurance varies depending on the age of the home, its location and value, and the insurance company you choose. Be sure to call around and get several quotes. Your Perrone Group Agent can help point you in the right direction in making this decision.

The Closing Process

Before you get the keys to your dream, there’s one final step. During the Closing Process, you will sign all of the mortgage documents, pay closing costs, and sign various other legal documents. Once this process is finished, your dream home is yours!